Opal Property founder Stuart Wall fumes over administration

THE founder of failed student accommodation provider Opal Property Group claims legal action he is taking against lender Royal Bank of Scotland for an interest rate Swap product is behind the collapse of the business.

Stuart Wall, who owned 100% of Manchester-based Opal, alleges that RBS - one of more than a dozen lenders owed more than £900m - has driven the business into insolvency, and by refusing to let his team continue to manage the 48 properties, will trigger more than 40 redundancies next week.